Johnson & Johnson (JNJ) - Approaching the Reversal Zone

In April, we anticipated a pullback for JNJ, and since then, the stock has dropped approximately 7%, aligning with our expectations. The current trend suggests further downward movement, reinforcing our previous analysis.

We are focusing on the support zone ranging from $134 to $116, with a potential lower bound at $109, the Corona-Low. The ongoing pullback could represent the completion of Wave (4) within this target zone, aligning with multiple levels.

We are going to be monitoring this for signs of a reversal within this zone. This zone will be crucial to confirm the next possible upward movement.